Federal Perkins Loan Eligibility Criteria:
In addition to meeting the general student eligibility criteria for Title IV (Federal) student aid, students must meet the criteria below to be considered for Perkins Loan.
Exceptional Financial Need
Students who demonstrate exceptional financial need may be awarded Federal Perkins Loan. Marshall University considers a student who has unmet financial need after receiving the maximum Federal Direct Subsidized and Federal Direct Unsubsidized Loan to have exceptional financial need. Students may request consideration for a Federal Perkins Loan by contacting the Office of Student Financial Assistance.
Eligible students must be admitted and enrolled in a degree-granting program. Both full-time and part-time students may receive a Federal Perkins Loan.
Willingness to Repay
A Federal Perkins Loan may only be offered to a student who is willing to repay. Being delinquent or defaulting on a previous student loan is an indication that a student is unwilling to repay a new loan.
Federal Perkins Loan Award Amounts:
The maximum amount a student may borrow during an award year depends on the student’s classification. An undergraduate student may borrow up to $5,500 annually. A graduate student may borrow up to $8,000 annually. Due to limited funding availability, however, annual award amounts awarded to Marshall University students are usually less than the annual maximum allowable.
First-year and second-year undergraduate students may borrow an aggregate maximum of $11,000. Undergraduate students in their third or fourth year of a program may borrow up to $27,500.
Graduate or professional degree students have an aggregate maximum limit of $60,000 including any Perkins Loans the student borrowed as an undergraduate.
Basic Terms of the Perkins Loan:
Your loan cannot be disbursed to your student account until you have signed the Federal Perkins Master Promissory Note, a legal and binding contract of your promise to repay the Perkins loan. Interest does not accrue while you are enrolled at least half-time. You have a nine-month grace period, which begins when you graduate or cease to be enrolled at least half time. At the end of the grace period, you begin repayment to Marshall University. The fixed interest rate of 5% begins when you go into repayment and monthly payments are calculated for full repayment within 10 years (120 months) or $40 monthly, whichever is greater.
The Bursar Office provides Perkins Loan management services to students, which includes Perkins Loan Pre-Disbursement Disclosures, information about signing a Perkins, Master Promissory Note, Perkins Exit Loan Counseling, and collections. For more information, visit http://www.marshall.edu/bursar/student-loans/student-loan-administration/
Federal Perkins Loan Program Status:
The statutory authority for schools to make Perkins Loans ended September 30, 2014; however, the Extension Act, effective December 2015, gave schools participating in the Perkins Program the authority to award Perkins Loan through September 30, 2017 under certain conditions.
Effective September 30, 2016, Perkins Loan may not be awarded to graduate students who had not previously received a Perkins Loan.
Effective September 30, 2017, Perkins Loan may not be awarded to undergraduate students who had not previously received a Perkins Loan. If an eligible undergraduate student borrower receives a disbursement of a Perkins Loan after June 30, 2017, and before October, 2017 for the 2017-2018 award year, the student may receive any subsequent disbursements of that Perkins Loan.
For more detailed information on schools’ authority to award Federal Perkins Loan, visit https://ifap.ed.gov/dpcletters/GEN1605.html.